New Issue: RBC prices $2.39 million trigger phoenix autocallables on three stocks

By Marisa Wong

Madison, Wis., Sept. 20 - Royal Bank of Canada priced $2.39 million of trigger phoenix autocallable notes due March 23, 2015 linked to the worst performing of the common stocks of Bank of America Corp., Blackstone Group LP and Citigroup Inc., according to a 424B2 filing with the Securities and Exchange Commission.

If each stock closes at or above its trigger price - 65% of its initial share price - on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at the rate of 12% per year. Otherwise, no coupon will be paid that quarter.

If each stock closes at or above its initial price on a quarterly observation date, the notes will be automatically called at par plus the contingent coupon.

The payout at maturity will be par unless the final price of the worst performing stock is less than its trigger price, in which case investors will receive a number of shares of the worst performing stock equal to $1,000 divided by that stock's initial price or, at the issuer's election, the cash value of those shares.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Trigger phoenix autocallable notes
Underlying stocks:	Bank of America Corp. (NYSE: BAC), Blackstone Group, LP (NYSE: BX), Citigroup Inc. (NYSE: C)
Amount:	$2.39 million
Maturity:	March 23, 2015
Coupon:	12%, payable quarterly if each stock closes at or above trigger price on observation date for that quarter
Price:	Par of $1,000
Payout at maturity:	Par unless final price of worst performing stock is less than its trigger price, in which case a number of shares of worst performing stock equal to $1,000 divided by that stock's initial price or, at issuer's election, cash equivalent
Call:	Automatically at par plus contingent coupon if each stock closes at or above initial price on a quarterly observation date
Initial prices:	$14.71 for Bank of America, $24.50 for Blackstone, $52.21 for Citigroup
Trigger prices:	$9.56 for Bank of America, $15.93 for Blackstone, $33.94 for Citigroup; 65% of initial price
Pricing date:	Sept. 18
Settlement date:	Sept. 23
Underwriter:	RBC Capital Markets, LLC
Fees:	2.25%
Cusip:	78010UEQ6

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